The expert noticed an emerging "head and shoulders" pattern on the chart of the first cryptocurrency (BTC), which may indicate a change in trend
Cryptanalyst with the pseudonym Dave predicted that the price of bitcoin as part of the current correction could collapse to $ 25 thousand (a decrease of 47% from current levels).
According to the expert, a head-and-shoulders figure forming on the bitcoin chart, as well as other indicators, indicate a possible decline to the $ 25,000 area.
The appearance of a “head and shoulders” pattern in technical analysis indicates a reversal of the existing trend and a likely price move in the opposite direction.
… and the fractal:https://t.co/0vtcMb8BDh
— dave the wave🌊🐫 (@davthewave) December 29, 2021
On December 30, Bitcoin is trading at $ 47 thousand. Over the day, the asset has fallen in price by almost 2%, and its capitalization has decreased to $ 889 billion.
On November 10, the cryptocurrency updated its historical maximum above $ 69 thousand. Since that moment, the value of the coin has dropped by 32%.
In mid-December, trader Ton Weiss warned that the bitcoin rate could collapse to $ 20,000 as part of the current correction.
According to Weiss, this will happen if the asset breaks through the 50-week moving average (MA) in the region of $ 47 thousand and consolidates below.
